Cloud provider iomart hits £76 million in annual revenue

UK based company that delivers cloud services announces its annual results to the LSE.

Revenues for U.K. cloud computing company iomart reached £76.3 million for the year ending March 31 2016, according to its annual results statement released to the London Stock Exchange today.

iomart announced a 16% increase in revenue (2015: £65.8m) as Chief Executive Angus MacSween reported “another excellent year” and spoke of the long term opportunity that the growth in the market for cloud services offered.

The main financial highlights announced by iomart were:

Revenue growth of 16% to £76.3 million (2015: £65.8 million)

Adjusted EBITDA growth of 11% to £32.3 million (2015: £29.1 million)

Adjusted profit before tax growth of 14% to £19.0 million (2015: £16.6 million)

iomart announced it was re-naming its Hosting Division as its Cloud Services Division to mark the increasing focus on delivering high quality private, public and hybrid cloud services. Profits in this newly named Cloud Services division rose by 19% to £65.4 million.

iomart also highlighted its growing partner relationships with the leading hypercloud vendors Amazon Web Services and Microsoft to provide management and consultancy around their services. The company said it had made its first “significant public cloud implementation.”

Angus MacSween, CEO of iomart, stated:

The public cloud vendors led by AWS and Microsoft continue to win market share. It is becoming clear that they will require an ecosystem of businesses orbiting them to provide services and support. The public cloud has introduced another level of complexity to the choices that businesses have in their future IT buying decisions and we believe with that increase in choice and complexity comes opportunity.

The long term opportunity is bigger than ever. The investments we have made in our staff, skillsets and industry relationships mean we are well positioned to take advantage of that opportunity and to deliver further significant growth. I look forward, once again, with confidence to the year ahead.